Coventry scores £250m with non-preferred debut

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By Frank Jackman
20 Apr 2021

Coventry Building Society paid only a small premium to issue an inaugural non-preferred senior note on Tuesday, while scoring a pre-emptive senior ratings boost during the process.

The UK lender had signalled to the market on Monday that it was looking to issue a short 10 year non-preferred bond in sterling.

Barclays, Credit Suisse, Lloyds and NatWest Markets kicked off the sale the next morning, following a day of marketing.

The leads ...

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